Ceramic Industry News

Libbey Reports Preliminary Third Quarter Results, Revises '08 Guidance (posted 10/23/08)

October 23, 2008
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Libbey Inc. expects its income from operations for the third quarter ended September 30, 2008, to be approximately $14.6 million on increased sales of approximately 4.5%, or $211.5 million, as compared with income from operations of $14.7 million and sales of $202.4 million in the prior-year third quarter. This is expected to result in earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately $24.5 million for the 2008 third quarter. On August 1, 2008, Libbey had given EBITDA guidance of $27.0 million to $29.0 million for the quarter.

John F. Meier, chairman and chief executive officer, said this does not indicate a weakening of the company’s underlying business or its market position. “Our year-over-year sales growth despite the state of the global economic markets is a strong indication of the health of our business and the strength of our brands,” he said. “We expect to achieve income from operations of $14.6 million, in line with the performance of $14.7 million in the third quarter of 2007, a very solid performance in the face of this difficult economic environment. We also experienced an unfavorable swing in non-cash foreign currency translation losses vs. the prior-year quarter of approximately $3.0 million, which, along with lower-than-expected sales as the result of market weakness in September and substantial increases in key costs, is expected to contribute to EBITDA of approximately $24.5 million.

“While visibility has been clouded by the uncertainty of the global economy, we expect fourth quarter 2008 sales of $210.0 million to $220.0 million and EBITDA of $20.5 million to $23.5 million. The significant recent weaknesses in the Mexican peso, consumer confidence and performance in the foodservice channel are all expected to contribute to these results during the fourth quarter. Based on this forecast for the fourth quarter, we expect full year 2008 sales of $833.0 million to $843.0 million and EBITDA in the range of $97.0 million to $100.0 million.”

The company will broadcast its third quarter 2008 earnings conference call live over the Internet on October 30, 2008, at 11 a.m. EDT. The webcast will be accessible from the Investor Relations section of www.libbey.com. In addition, a replay of the call will be archived for 30 days on the website.

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